Help With Car Loan

Tcs

Bought a second Hand car today and needed finance, car salesman convinced me this was a competitive loan, on reading the agreement i wonder if i have been stupid to agree and sign , it is a £7099 over 5 years at a flat rate of 8% 17.1% Apr , i dont collect the car untill 17th April although the agreement starts today, it does say i have a 14day change of mind period, not sure whats best ,can i tell the dealership that i now want to finance independently and try to get a cheaper loan , advice please!!

rachelonna

Yes! Definitely. Phone the line up - there should be a phone number on your loan agreement, and say you would like to cancel the loan based on a cooling period.

What the 8% vs the 17.1% about?

Also, maybe you can use the nationwide loan calculator to see what else you could get elsewhere - this should not affect your credit report if you don't apply - look at the loan guide on this website for more details if required

poppasmurf_bewdley

The 8%(17.1% apr) doesn't sound too bad over five years.

Have you compared it to others loans on offer (making sure you would qualify)?

I think it's more important to check the price you are paying for the car compared to similar make/models in Autotrader, as to be honest you sound like a rather naive car buyer!

Apples2

Say nothing to the dealer just yet.

Apply for a Personal Loan with a bank and see what you get offered. If you get a better rate, cancel the finance deal.
If you get rejected, you are stuck with your 17.1% apr Finance deal.

Have they added PPI on the deal? If so, cancel it.